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Banks Shed Internal Alternative Managers, Chance for Sovereign Funds

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public_funds_coastThe infamous Volcker rule, a Dodd-Frank Act provision, is being finalized – U.S. banks are being proactive and shedding assets. The rule prohibits banks from investing in any funds they do not manage. In addition, banks cannot invest more than 3% of their tier-1 capital in private equity or hedge funds.

As U.S. financial conglomerates continue to shed alternative asset managers like private equity and hedge funds, the asset management industry is ready to gobble them up with open arms. Just in August, Citigroup unloaded more than US$ 6 billion in hedge fund and private equity assets. Citi Venture Capital International, a private equity vehicle focused on emerging markets, was sold to The Rohatyn Group, a private equity fund managed by Nicolas Rohatyn. The Rohatyn Group manages around US$ 7 billion in assets. Remaining is Metalmark Capital, a private equity fund focused on North America, in which Citi is trying to negotiate a sale with fund management.

Sovereign wealth funds and public pensions could also be buyers of these asset management firms.

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PNB to Buy Stake from Malaysian Developers in Battersea Power Station Project

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Malaysia-based Permodalan Nasional Bhd (PNB) inked plans to acquire a stake in the Battersea Power Station from Malaysian developers Sime Darby Property and SP Setia, which between them own 80 percent of the site located on the south bank of the Thames. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Will Saudi Arabian Sovereign Wealth Be the Next Giant in Hollywood?

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Saudi Arabia’s growing Public Investment Fund (PIF) is reportedly looking into investing over US$ 500 million for a 5% to 10% stake in Hollywood’s Endeavor Talent Agency, the holding company for William Morris Endeavor Entertainment LLC (WME). WME is one of the biggest players in the business, representing well-known artists across a number of different mediums – including cinema, television, music, books, and theatre – as well as a roster of professional athletes from the National Football League (NFL) and National Hockey League (NHL). Discussions are in their initial stages, however, and no commitments have been made thus far. WME is constantly gathering new talent. Recently WME signed musician John Mayer and actor Nicolas Cage – both were with Creative Artists Agency (CAA).

A Logical Connection

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CDPQ Providers Firepower for Blackstone Buyout of PIRET

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Ivanhoé Cambridge, part of CDPQ, is a co-investor in Blackstone Group’s buyout of Pure Industrial Real Estate Investment Trust (PIRET), a listed Canadian warehouse owner. The actual Blackstone buyer is an affiliate of Blackstone Property Partners, its core real estate investment unit. The agreement was revealed on January 9, 2018. Blackstone moved to buy the REIT) for C$ 8.10 per Unit in an all-cash transaction valued at C$ 3.8 billion including debt. The transaction value without debt is C$2.48 billion.

Deal Advisors

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